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DECISION No

DECISION No. 324/1999/QD-NHNN6 OF SEPTEMBER 15, 1999 PROMULGATING THE REGULATION ON THE EXCHANGE OF EXPIRED PAYMENT BILLS

THE STATE BANK GOVERNOR

Pursuant to the Vietnam State Bank Law No. 01/1997/QH10 of December 12, 1997;

Pursuant to the Government’s Decree No. 15/CP of March 2, 1993 defining the tasks, powers and State management responsibilities of the ministries and ministerial-level agencies;

Pursuant to the Government’s Decree No. 91/CP of November 25, 1993 on organizing non-cash payment;

At the proposal of the director of the Issue-Storage- Fund Department,

DECIDES:

Article 1.- To issue together with this Decision the "Regulation on the exchange of expired payment bills".

Article 2.- This Decision takes effect 15 days after its signing. The State Bank Governor’s Official Dispatch No. 58/CV-NH6 of January 26, 1996 on the handling of expired payment bills now ceases to be effective.

Article 3.- The director of the State Bank’s Office, the directors of the Issue-Storage-Fund Department, Accountancy-Finance Department, General Control Department, the heads of units attached to the Vietnam State Bank; the director of the State Bank’s transaction office, the directors of the State Bank’s branches in the provinces and centrally-run cities; the general directors (directors) of credit institutions, the general director of Vietnam Gold, Silver and Gem Corporation, and the general director of the State Treasury shall have to implement this Decision.

For the State Bank Governor

Deputy Governor

LE DUC THUY

REGULATION ON THE EXCHANGE OF EXPIRED PAYMENT BILLS

(Issued together with the State Bank Governor’s Decision No. 324/1999/QD-NHNN6 of September 15, 1999)

Chapter I

GENERAL PROVISIONS

Article 1.- The State Bank’s transaction office and branches in the provinces and centrally-run cities shall have to organize the exchange of payment bills (PBs) issued by the State Bank of Vietnam, which have expired.

Agencies, organizations and individuals (called customers for short) possessing PBs issued by the State Bank of Vietnam, which have expired for not more than 3 years (except for the case specified in Article 7 of this Regulation) shall be entitled to the exchange thereof.

Article 2.- The expiry duration of a PB shall be counted from its maturity (printed on the frontside of the PB) till the date the customer submits the expired PB (or an application) to the State Bank’s transaction office or provincial/municipal branch.

Where the maturity date of a PB coincides with a holiday, New Year day or weekend, the State Bank’s transaction office, provincial/municipal branch, credit institution or State Treasury shall be allowed to exchange such bill on the following working day without collecting the expiry fee from the customer.

Article 3.- For the PBs left in stock by the end of their maturity dates and the PBs received under the provisions of Article 2 of this Regulation (the data must be reported and reflected on the accounting books of the concerned units), the credit institutions and State Treasury shall, within 15 days after the bills’ maturity, be entitled to remit them free of charge to the State Bank’s transaction office or provincial/municipal branches where the concerned units open their bank accounts.

Chapter II

PROCEDURES FOR THE EXCHANGE OF EXPIRED PAYMENT BILLS

Article 4.- When receiving a customer’s expired PB for exchange, the State Bank’s transaction office or provincial/municipal branch shall have to check and determine whether the PB has been issued by the Vietnam State Bank or not. Where it is unable to determine whether the PB has been issued by the Vietnam State Bank or not, it must transfer the object to the Issue-Storage-Fund Department (the Vietnam State Bank) for expertise and conclusion according to the procedures like for the handling of money suspected to be fake under current provisions of law.

Article 5.- For PBs which have been expired for not more than 6 months:

The State Bank’s transaction office and provincial/municipal branches shall have to receive and check them, and if determining that such PBs have been issued by the State Bank of Vietnam, they shall be exchanged for customers without asking for any procedures or applications.

Article 6.- For PBs which have been expired for over 6 months to 3 years:

1. Customers shall have to make applications for the exchange of expired PBs and send them to the State Bank’s transaction office or branches in the concerned provinces or cities.

2. The State Bank’s transaction office or provincial/municipal branches shall receive the customers’ applications (not their PBs yet), make monthly sum-up reports thereon and submit them to the Issue-Storage-Fund Department of the Vietnam State Bank on the 5th of the following month.

3. Within 15 days after receiving the reports of the State Bank’s transaction office or provincial/municipal branches, the Issue-Storage-Fund Department shall make a sum-up and examination (of the PB types, their maturity dates and serial numbers) then balance the capital sources in order to:

a/ Directly handle those PBs which have expired for over 6 months to 1 year;

b/ Propose the State Bank Governor to handle those PBs which have expired for over 1 year to 3 years.

4. The Issue-Storage-Fund Department shall notify the results in writing to the State Bank’s transaction office or provincial/municipal branches so that the latter may use them as basis for effecting the exchange. Within 5 working days after receiving such a notice, the State Bank’s transaction office or provincial/municipal branches shall have to effect the exchange or notify the customers of the reasons for refusal of the exchange.

Article 7.- For PBs which have expired for over 3 years due to force majeure causes: The State Bank’s transaction office and provincial/municipal branches shall receive the customers’ applications and send them (together with their proposals ) to the Issue-Storage-Fund Department. The Issue-Storage-Fund Department shall examine and handle case by case according to Article 6 (Clause 3, Point b and Clause 4) of this Regulation.

Chapter III

FEE FOR THE EXCHANGE OF EXPIRED PAYMENT BILLS

Article 8.- The fee for the exchange of expired PBs shall be calculated in percentages on the total value of the expired PBs to be exchanged, as follows:

- 0.5%, for PBs which have expired for 1 to 15 days (except for those PBs which are received according to Article 2 of this Regulation).

- 1%, for PBs which have expired for 16 days to 1 month.

- 1.5%, for PBs which have expired for over 1 month to 2 months.

- 2%, for PBs which have expired for over 2 months to 3 months.

- 3%, for PBs which have expired for over 3 months to 6 months.

- 4%, for PBs which have expired for over 6 months to 1 year.

- 5%, for PBs which have expired for over 1 year.

Article 9.- The fee amount collected from customers for the exchange of their expired PBs shall be accounted into the professional transaction collections at the State Bank’s transaction office as well as provincial/municipal branches.

Article 10.- The examination, counting, packaging and accounting of expired PBs after the exchange thereof shall comply with the current stipulations of the State Bank.

Chapter IV

IMPLEMENTATION PROVISIONS

Article 11.- The head of the Issue-Storage-Fund Department shall have to guide and inspect the implementation of this Regulation within the system of the State Bank, credit institutions and State Treasury.

Article 12.- Any amendments and/or supplements to articles and clauses of this Regulation shall be decided by the State Bank Governor.

For the State Bank Governor

Deputy Governor

LE DUC THUY